Sales at Brown Thomas owner reach new high
SALES at Selfridges reached £1.75bn in another record year for the retailer despite a “challenging retail backdrop”.
The department store, which owns Dublin’s famous Brown Thomas store, posted an 11.5% increase in sales for the year to February 3, 2018.
Operating profit rose to a new high of £181m.
Selfridges put the performance down to strong growth in accessories after the opening of notable luxury brands Louis Vuitton and Tiffany within its Birmingham store.
The revamp of its London store, which included the addition of a dedicated “accessories hall”, also helped to boost sales.
It marks the fifth year running of record results for the company.
It also comes amid distress signals from fellow department stores after House of Fraser’s collapse and subsequent sale in August and the 99% drop in profits at John Lewis & Partners during the first half.
“We are delighted to deliver such fantastic results, despite difficult retail conditions and consumer confidence uncertainties,” commented Selfridges managing director Anne Pitcher.
“We continue to challenge ourselves to be daring in all aspects of our global strategy and to present extraordinary destinations for our customers.”